2020-05-27T11:51:20-05:00 2019-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 500 AUBURN HILLS MI 48326 990 2019-01-01 381305916 MICHIGAN EDUCATIONAL CREDIT UNION MICH 7344559200 9200 HAGGERTY RD PLYMOUTH MI 48170 KEVIN F FINNERAN CHIEF FINANCIAL OFFICER 7344559200 2020-05-21 1 LYNNE M HUISMANN P00053811 2483757100 2020-05-20 76.20.156.99 2020-05-21 15:25:57 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 E0F6F03BC3AE684EB3B59DF82EF6777B722E432E 2019 2020-09-23 17:36:50Z ROBERT G SANDERCOCK 9200 HAGGERTY RD PLYMOUTH MI 48170 84387299 0 X WWW.MICHEDCU.ORG X 1942 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS WITH A COMMON BOND. 9 9 97 0 46956 0 0 0 24613041 26153048 5600066 5741686 24874 24874 30237981 31919608 0 0 0 0 9698498 10324602 0 0 0 14936248 16237900 24634746 26562502 5603235 5357106 825801568 875998094 724680648 765040572 101120920 110957522 TO PROVIDE MEMBERS WITH QUALITY, COMPREHENSIVE AND COST EFFECTIVE FINANICIAL SERVICES. 0 0 PROVIDE 53,734 MEMBERS WITH REGULAR SHARES, SHARE DRAFT, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING 100,105. PROVIDE 55,087 LOANS INCLUDING VEHICLE, CREDIT CARD, HOME EQUITY, BUSINESS, PERSONAL, BOAT, MOTORCYCLE, MOTOR HOME, AND MORTGAGES. OFFER AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY, AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 76273 0 1 97 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X KEVIN FINNERAN 7344559200 9200 HAGGERTY ROAD PLYMOUTH MI 48170 ALONZO GLAZE CHAIRPERSON 2.00 0.00 X X 0 0 0 STEVEN RODRIGUEZ VICE CHAIRPERSON 2.00 0.00 X X 0 0 0 WILLIAM WOOSTER TREASURER 2.00 0.00 X X 0 0 0 ROBIN J E LONG SECRETARY 2.00 0.00 X X 0 0 0 AMY MCQUISTON DIRECTOR 2.00 0.00 X 0 0 0 MICHELLE RANDALL DIRECTOR 2.00 0.00 X 0 0 0 GREGORY BARACY DIRECTOR 2.00 0.00 X 0 0 0 SCOT SZUKAITIS DIRECTOR 2.00 0.00 X 0 0 0 DEBORAH ELLISTON DIRECTOR 2.00 0.00 X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 38.00 0.00 X 1550478 0 94404 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 38.00 0.00 X 237108 0 65630 HENRY WILLSON EXECUTIVE VICE PRESIDENT 38.00 0.00 X 338222 0 78816 JEFFREY CUSMANO VICE PRESIDENT 38.00 0.00 X 258780 0 51627 ELLEN GOERS VICE PRESIDENT- ACCOUNTING 38.00 0.00 X 188832 0 51356 JOSEPH RASSETTE IT SUPERVISOR 38.00 0.00 X 176649 0 55182 JAMES BRUNTON COLLECTIONS MANAGER 38.00 0.00 X 143949 0 43367 RICHARD NORRIS BRANCH MANAGER 38.00 0.00 X 143434 0 48192 LISA KANIA BRANCH MANAGER 38.00 0.00 X 143145 0 45738 EMILY FRICKS MARKETING SUPERVISOR 38.00 0.00 X 128556 0 39713 3309153 0 574025 13 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 CORE PROCESSING SYSTEM, ETC. 3253111 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SHARED BRANCHING, ATM NETWORK, DEBIT CAR 867449 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 702748 MMS MORTGAGE SERVICES LTD 38275 TWELVE MILE ROAD SUITE 100 FARMINGTON HILLS MI 48331 SUB-SERVICER OF FIRST MORTGAGE PORTFOLIO 541794 DIEBOLD NIXDORF PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES, DRIVE THRU 173371 6 LOAN INTEREST 522100 21791029 21791029 0 FEE/OTHER INCOME 524298 4362019 4315063 46956 26153048 5728828 5728828 29604 4730 24874 24874 24874 52475819 52462904 57 12915 -57 12858 12858 31919608 31847778 46956 24874 2915253 4078484 1216942 1669906 444017 253988 497078 1413790 3014833 1580722 10331 249961 3794308 866569 146954 LOAN SERVICING 2683238 OTHER OPERATING EXPENSE 809250 PROVISION FOR LOAN LOSS 785999 EXCISE TAX 104035 26844 26562502 2465095 3453700 13382044 93142124 542621202 543506929 324279 490619 23342763 13513403 9819664 9829360 224108408 188798174 16952166 15639883 16128710 21137305 825801568 875998094 5082681 5854896 719597967 759185676 724680648 765040572 X 0 0 0 0 101120920 110957522 101120920 110957522 825801568 875998094 X 5357106 4942633 -463137 X X 0 1 X 1 0 2910860 2910860 9841373 5257952 4583421 10590530 8255451 2335079 9829360 60000 C FEDERAL AGENCY SECURITIES 34280387 C CORPORATE BONDS 77964584 C MUNICIPAL BONDS 51241691 C COLLATERALIZED MORTGAGE OBLIGATIONS 24464423 C SMALL BUSINESS ADMINISTRATION SECURITY 787089 C 188798174 MEMBER SHARES 759185676 759185676 X 1 1 X X 0 0 0 ROBERT SANDERCOCK CHIEF EXECUTIVE OFFICER 869919 0 676557 0 4002 0 46305 0 48099 0 1644882 0 0 0 KEVIN FINNERAN CHIEF FINANCIAL OFFICER 197802 0 37500 0 1806 0 33910 0 31720 0 302738 0 0 0 HENRY WILLSON EXECUTIVE VICE PRESIDENT 290814 0 46000 0 1408 0 42463 0 36353 0 417038 0 0 0 JEFFREY CUSMANO VICE PRESIDENT 218322 0 40000 0 458 0 37602 0 14025 0 310407 0 0 0 ELLEN GOERS VICE PRESIDENT- ACCOUNTING 180053 0 8000 0 779 0 25937 0 25419 0 240188 0 0 0 JOSEPH RASSETTE IT SUPERVISOR 156415 0 20000 0 234 0 24633 0 30549 0 231831 0 0 0 JAMES BRUNTON COLLECTIONS MANAGER 131824 0 12000 0 125 0 18495 0 24872 0 187316 0 0 0 RICHARD NORRIS BRANCH MANAGER 137329 0 5250 0 855 0 18402 0 29790 0 191626 0 0 0 LISA KANIA BRANCH MANAGER 135954 0 7000 0 191 0 18066 0 27672 0 188883 0 0 0 EMILY FRICKS MARKETING SUPERVISOR 124172 0 4125 0 259 0 16143 0 23570 0 168269 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS IS INCLUDED WITH EXECUTIVE TRAVEL. THE CREDIT UNION HAS POLICIES REGARDING PAYMENT OR REIMBURSEMENT FOR ALL EXPENSES. TRAVEL FOR COMPANIONS IS NOT TREATED AS TAXABLE INCOME. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED AT THE ANNUAL MEETING. EVERY YEAR THREE OF THE NINE SEATS ARE ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE MERGERS, FIELD OF MEMBERSHIP CHANGES AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES SIGN AN ACKNOWLEDGEMENT OF THE CREDIT UNION POLICIES UPON HIRE WITH EACH REVISION. CONFLICT OF INTEREST IS INCLUDED. BOARD MEMBERS SIGN A CODE OF ETHICS AGREEMENT WHICH SPECIFICALLY ADDRESSES CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS PERFORMS AN EVALUATION OF THE CEO. COMPENSATION IS DETERMINED THROUGH SALARY SURVEY AND COMPARISON TO SELECT PEER GROUP. IT IS BASED ON AN EMPLOYMENT CONTRACT AND INCREASES ARE APPROVED BY THE BOARD OF DIRECTORS. CFO AND KEY EMPLOYEES ARE EVALUATED BY THE CEO. THE CEO DETERMINES THE SALARY BASED ON COMPENSATION SURVEYS, ETC. THE LAST COMPENSATION REVIEW WAS DURING THE BUDGET PROCESS IN 2019. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN POSTRETIREMENT HEALTH BENEFITS -463,137. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. INTERCOUNTY FINANCIAL SERVICES INC DBA MICH EDU FIN SVCS 9200 HAGGERTY ROAD PLYMOUTH MI 48170 383245456 MORTGAGE LOAN WAREHOUSING MI MICHIGAN EDUCATIONAL CREDIT UNION C 357080 9755014 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INTERCOUNTY FINANCIAL SERVICES LTD A 268402 CASH PAYMENT